President of the African Development Bank (AfDB) Group, Dr. Akinwumi Adesina, has commended the United Bank for Africa (UBA) for its longstanding role in advancing economic development across Africa.
Speaking during a courtesy visit to the UBA UK Limited office in London on Wednesday, Dr. Adesina emphasized the importance of building bridges between international financial markets and African economies to unlock new opportunities on the continent.
“Africa remains the world’s next investment frontier,” he said, adding that the perception of risk often clouds the continent’s true potential. He cited data from Moody’s Analytics which shows that Africa’s investment default rate over the past 14 years is only 1.7% — far lower than Latin America’s 13% and Eastern Europe’s 10%.
“This is evidence that the perceived risk of investing in Africa is grossly exaggerated,” Dr. Adesina stated.
He praised UBA for being a key partner in promoting financial inclusion and sustainable development in Africa, noting that the bank’s relationship with the AfDB spans over two decades.
“Our partnership with UBA is one of many critical collaborations we have developed with financial institutions across Africa, aimed at strengthening the continent’s financial systems and boosting inclusive growth,” Adesina said.
Welcoming the AfDB delegation, CEO of UBA UK, Theresa Henshaw, reaffirmed the bank’s commitment to facilitating trade, investment, and development flows into Africa.
“Our operations in the UK are centered on leveraging our expertise and strong network across African markets to promote financial integration and economic progress,” she said.
During the meeting, both parties explored strategic areas of mutual interest, including agriculture, energy, financial inclusion for women, and youth entrepreneurship. Dr. Adesina drew attention to the Affirmative Finance Action for Women in Africa (AFAWA) initiative — a flagship program under his leadership aimed at bridging the $49 billion financing gap for women-led enterprises on the continent.
As of March 2025, AFAWA had approved $2.5 billion in financing, with $1.2 billion disbursed through 185 partner financial institutions in 44 countries, reaching more than 24,000 women entrepreneurs.
UBA UK is a subsidiary of United Bank for Africa Plc, which operates in 20 African countries and has international offices in the UK, USA, France, and the UAE.
The meeting reaffirmed the importance of collaborative efforts between African and global financial institutions in driving the continent’s economic transformation.
